Govt appoints Planning Commission head

Economist Thomas Chataghalala Munthali has been appointed as director general of the National Planning Commission (NPC) with effect from mid March. NPC board chairperson Professor Richard Mkandawire said in an interview yesterday that Munthali’s appointment follows a competitive recruitment process as laid out in the NPC Act of 2017. Before his appointment, Munthali, who holds…

RBM cracks whip on errant banks

Reserve Bank of Malawi (RBM) imposed sanctions on some commercial banks between 2016 and 2017 for violating some of the anti-money laundering and combating the financing of terrorism (AML/CTF) provisions, it has emerged. The revelations of the administrative sanctions are contained in a National Risk Assessment (NRA) report on money laundering and terrorist financing launched…

K13bn money laundering loss uncovered

Between 2013 and 2017, Malawi lost an estimated $17 010 112.72 (about K13 billion) due to money laundering offences, a National Risk Assessment (NRA) conducted by the Financial Intelligence Authority (FIA) has established. Malawi conducted its second NRA to assess money laundering and terrorism financing risks from mid-2017 to May 2018. The first assessment was…

Kwacha could drop by 9% in 2019—EIU

The kwacha may depreciate by about nine percent against other foreign currencies this year largely due to pressure on increased spending towards the May 21 2019 Tripartite Elections, the Economist Intelligence Unit (EIU) has projected. But Reserve Bank of Malawi (RBM) has disputed the projection, saying it remains upbeat that the local unit will remain…

Corporate tax plunge  Blamed on economy

Tax analysts and businesses have blamed corporate tax under performance in the first half of this fiscal year to a harsh economic environment between July and December 2018, a period punctuated by incessant power outages. Speaking in separate interviews on Wednesday, the analysts and businesses believe that the prolonged power cuts dampened manufacturing firms’ performance.…

Experts see economic ruin

The Economics Association of Malawi (Ecama) and other experts have predicted economic devastation in the wake of floods that threaten output. Commenting on the likely economic cost of the floods which President Peter Mutharika has since declared a State of National Disaster in affected districts, Ecama executive director Maleka Thula said in an interview yesterday…

Treasury justifies rebasing of GDP

Minister of Finance, Economic Planning and Development Goodall Gondwe has justified rebasing of the country’s GDP, saying it will ensure that sectors previously ignored are incorporated in the national accounts. The minister said in an interview on Sunday that many things are happening in the private sector, but are not recorded formally when calculating gross…

2018/19 Budget  cut by K25 billion

Finance Minister Goodall Gondwe yesterday revised downwards the 2018/19 National Budget by K25 billion from K1.454 trillion to K1.429 trillion on account of non-disbursement of the budget support by the World Bank, among other factors. Gondwe made the announcement to Parliament in Lilongwe when he presented the 2018/19 Mid-Year Review Budget Statement. But economic experts…

Real estate sector mess irks govt

Minister of Lands, Housing and Urban Development has expressed displeasure at the mess in the real estate sector, noting that it is awash with unregistered, unqualified and unlicensed people posing as real estate agents. If left uncontrolled, Minister of Lands, Housing and Urban Development Jean Kalilani feared the situation could fuel cases of money laundering…

Expect budget cuts—Goodall

Minister of Finance, Economic Planning and Development Goodall Gondwe yesterday hinted that Malawians should expect adjustments in the 2018/19 National Budget in view of continued delay by some donors to honour their budget support commitments. In an interview yesterday, the minister also described the budget support delay as one key ‘external negative shock’ that has…

Escom cherishes  MCC energy compact

    Electricity Supply Corporation of Malawi (Escom) says it is improved efficiency in service delivery to its customers and improved operations internally on account of a new Management Information System (MIS), an official has said. Escom MIS project manager, who is also the parastatal’s senior information and technology officer, David Tandwe said almost eight…

Government to sustain MCC investments

  The Malawi Government is ready to nurture and sustain investments in the power sector under the $350.7 million (about K256 billion)  United States Millennium  Challenge Corporation (MCC) energy compact. Ministry of Natural Resources, Energy and Mining Principal Secretary Patrick Matanda said this at the new Nkhoma Power Sub-Station on the sidelines of a visit…

No more headache, weed harvesters are here

The silent but immense cost of siltation, weed infestation and sedimentation along the Shire River basin to the country’s power sector is just overwhelming. The current prolonged and incessant power outages may be as a result of a combination of factors. But weeds and severe soil erosion, coupled with resultant sedimentation along the Shire River…

MCC tips Malawi on vibrant power sector

  Building a strong power sector in the country will require continued commitment to action and accountability by government and its partners, an official from Millennium Challenge Corporation (MCC) has advised. In an interview, MCC practice lead and acting senior director on energy Samuel Kwon said that the ball is in the country’s court to…

The rebirth of nkula a is nigh

A new lease of life is stacking at Nkula A Hydropower Plant, located on the Shire River, about 50 kilometres northwest of the commercial city of Blantyre. Only positive minds full to brim with optimism are currently counting down a few months remaining for the country’s oldest power plant to embrace a total renaissance. Those that…

Putting inflation drop into perspective

It is obvious that at the time of writing this piece, both Reserve Bank of Malawi (RBM) and the Treasury, who are custodians of monetary and fiscal policies, respectively, are over the moon with this talk in town about Malawi’s regained single digit inflation. Over the past six years, authorities have been battling double-digit inflation—the…

Egenco sees light at the end of tunnel

Electricity Generation Company (Egenco) Malawi Limited has forecast a brighter future for power sector in the medium to the long-term, thanks to the Power Sector Reform Project (PSRP). The project is being implemented by the Malawi Government with funding from the Millennium Challenge Corporation (MCC). Egenco, a company created following unbundling Electricity Supply Corporation of…

Report cautiously on MCC Compact—Minister

Minister of Natural Resources, Energy and Mining Bright Msaka has asked the media to carefully report on the on-going implementation of the $350 million energy project by Millennium Challenge Corporation (MCC) that seeks to revitalise the energy sector. Msaka said this in Lilongwe on Friday when he addressed news editors from various media houses in…

Be consistent on policies, urges FUM

Farmers Union of Malawi (FUM), a representative body of farmers, has urged government to ensure consistency in the implementation of the National Agriculture Policy (NAP) and the National Irrigation Policy (NIP). The two polices were launched last week in Lilongwe by President Peter Mutharika. FUM chief executive officer Prince Kapondamgaga while describing the two policies…

FUM hosts annual congress

Farmers Union of Malawi (FUM) is set to hold its National Farmers’ Policy Conference in Lilongwe tomorrow which will precede its 12th Annual Congress. The two events, scheduled for Bingu International Conference Centre (Bicc), will be convened under the theme Farming for Markets and Development: Partnerships for increased Farmer Productivity, Market Access and Incomes. Over…